Nifty Edges Higher, Reliance Up On Netmed Deal

Benchmark indices moved higher once again in trade, following a spectacular rally on Tuesday. The Nifty was trading higher by 60 points at 11,450 points.

Broadcaster Zee Entertainment saw its shares fall marginally after the company's net profit in the quarter ended June fell 94.5 per cent to Rs 29.28 crores.

Indiabulls group shares were trading higher after reports that the group is close to a deal that will see its exit from the real estate development space. IndiaBulls Real Estate was up as much as 7 per cent, while IndiaBulls Housing was up more than 1 per cent in trade.

Shares in Reliance too gained ground after the company announced that its subsidiary Reliance Retail Ventures Limited (RRVL) has acquired a majority equity stake in Vitalic Health Pvt. Ltd. ("Vitalic") and its subsidiaries (Collectively known as 'Netmeds') for a cash consideration of approximately Rs 620 crores.

ICICI Bank shares were up 1.5 per cent in early trade. There were reports that Peoples Bank of China had acquired a stake in the bank through the recent QIP.

Most of the banking stocks were seeing gains in early trade led by ICICI Bank and Axis Bank. Nifty shares that declines were UPL, Nestle, HCL Tech and Tata Steel.